Massive Whale Movement Hints at Institutional Confidence in Solana as Galaxy Digital Rotates from ETH to SOL

In a recent event that has caught a lot of attention in the crypto community, a whale has apparently redeemed and transferred a hefty amount of Solana (SOL) to Binance. This could be a case of strategic profit-taking, or perhaps it’s just a reallocation of assets. Meanwhile, Galaxy Digital seems to be drastically reweighting its asset composition by reducing its exposure to Ethereum (ETH) and heavily acquiring Solana. As per on-chain information, a significant address that committed 991,000 SOL over four years has now redeemed 100,000 SOL, valued at nearly $13.9 million, and sent the money to Binance. The moving, which occurred just 50 minutes ago, has people speculating that some of that money could now be going for liquidation—or at the very least, a strategic redeployment. This address is not new to Solana’s ecosystem. Having committed a massive SOL pledge four years ago when Solana was trading at just $27.57, the wallet has raked in a pile of gains. With current prices hovering around $140, this early-bet-on-Solana has paid off handsomely, yielding an estimated $111.4 million in price appreciation alone. 一个在 4 年前质押 99.1 万枚 SOL 的鲸鱼/机构，50 分钟前从质押中赎回 10 万枚 SOL ($13.9M) 然后转进币安。 该地址 4 年时间下来获得了 $1.535 亿的收益： ◎$1.114 亿的 SOL 升值收益 (4 年前 SOL 价格 $27.57，如今为 $140)； ◎获得了 30 万枚 SOL 的质押利息，价值 $4208 万。 目前该地址仍有… pic.twitter.com/MmwpIGOohl — 余烬 (@EmberCN) April 22, 2025 That is only part of the story. In addition to the gain it has realized from merely holding SOL, the wallet has also racked up a further 300,000 SOL in staking rewards—a figure that, when converted to U.S. dollars at current prices, that amounts to 42.08 million of ’em. Add it all up, and we’re looking at this wallet securing a truly phenomenal 153.5 million in total revenue from Solana over the past four years. Even after redeeming and transferring a good part of its holdings, this address still keeps a striking stake in the Solana network. It now holds 1.191 million SOL, worth around $167 million, that stays locked in staking. That signals a long-term hold and a show of confidence in Solana’s growth and ecosystem strength from whoever is behind the address. Galaxy Digital Eyes Solana: Rotation from ETH to SOL Underway Solana’s burgeoning story is receiving an additional shot of interest thanks to recent activity from Galaxy Digital, the crypto-focused financial services and investment management firm founded by Mike Novogratz. Blockchain data shows that Galaxy Digital has sent a hefty quantity of Ethereum to the exchange Binance — a total of 65,600 ETH, worth about $105.48 million — over the past two weeks, hinting at a possible sell-off. Simultaneously, Galaxy Digital seems to be shifting into Solana, withdrawing 752,240 SOL — valued at roughly $98.37 million — from Binance. This dramatic shift in asset allocation isn’t just an expression of the firm’s confidence in Solana as a network; it’s also another clear signal from a major player in the crypto world that they’re taking Solana seriously. It seems that Galaxy Digital is selling $ETH and buying $SOL ! In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH ($105.48M) to #Binance and withdrew 752,240 $SOL ($98.37M) from #Binance . https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2 — Lookonchain (@lookonchain) April 22, 2025 The action highlights the changing investment outlook towards Solana. Once viewed as the direct challenger to Ethereum, Solana has made great strides in several areas: scalability, transaction throughput, and ecosystem development. With a number of real-world applications launching in the Solana network — encompassing DePIN, NFTs, and DeFi protocols — serious investors are starting to look at SOL not just as an altcoin, but as a foundational layer-one blockchain with genuine uses and growth potential. The dual movement of long-time Solana whales taking profits while still maintaining strong staking positions, and institutions like Galaxy Digital shifting capital from ETH to SOL, paints a bullish picture for the Solana ecosystem. It suggests that while some early participants are realizing gains, the broader sentiment among strategic investors remains optimistic. In conclusion, the recent activity — from whale redemptions to institutional shifts — shows that Solana is more than just surviving the bear market. It’s thriving, attracting both old and new money. If the current trend continues, SOL may be not just the strongest competitor of Ethereum but the next big player in the smart contract space. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !